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In this note, we take a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explain the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment.
Kingsoft Cloud has been growing rapidly with YoY revenue growth of 62% in the recent quarter. We summarize the company's four rounds of pre-IPO investment and estimate that the company was valued at USD 2.7 billion at the latest round.
We also had a quick look at Kingsoft Cloud's peers, including both A-share listed cloud service providers and overseas listed data center providers with their main business in China. We have a preliminary valuation of USD 2.9 billion of EV for the company.
Kingsoft Cloud (金山云) Pre-IPO - The leading cloud provider in China
Kingsoft Cloud is a subsidiary of Hong Kong-listed Kingsoft (3888 HK), that is aiming to raise up to USD 500 million via a listing in the US.In this note, we take a look at the value chain of the cloud service industry in China. Cloud service is under-penetrated in China and there will be large room for growth, particularly for independent providers. We explain the various types of services in the downstream cloud computing segment. We note that Kingsoft is a leading independent cloud service provider with a strong forte in the video cloud service segment.
Kingsoft Cloud has been growing rapidly with YoY revenue growth of 62% in the recent quarter. We summarize the company's four rounds of pre-IPO investment and estimate that the company was valued at USD 2.7 billion at the latest round.
We also had a quick look at Kingsoft Cloud's peers, including both A-share listed cloud service providers and overseas listed data center providers with their main business in China. We have a preliminary valuation of USD 2.9 billion of EV for the company.
Underlying
Kingsoft Cloud
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Ke Yan
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